STOCK EXCHANGE ANNOUNCEMENT NO. 335

31 July 2009 STOCK EXCHANGE ANNOUNCEMENT NO. 335 Interim announcement for the six months ended 30 June 2009 Major key figures of the H1 2009 Interim Financial Report for the period ended 30 June 2009 Revenue amounted to DKK 18,267 million Contribution margin came to DKK 4,574 million Contribution ratio was 25.0%. Operating profit before special items (EBITA) came to DKK 804 million Profit before tax amounted to DKK 197 million DSV's share of the profit for the period amounted to DKK 47 million Diluted adjusted earnings per share were DKK 1.7 for the period, which amounts to an annualised figure of DKK 4.5 Free cash flow for the period adjusted for the acquisition of enterprises amounted to DKK 795 million Group Management considers the results for the first six months of 2009 as satisfactory financial results in highly difficult market conditions. Outlook for 2009 Due to the ongoing economic and financial crisis with consequential impact on prices and freight volumes, the DSV Group has reduced the forecasts of its full-year revenue, contribution margin and operating profit before special items as well as adjusted free cash flow for 2009. Expected full-year results for 2009 are now: Revenue is expected to amount to DKK 38,000 million Contribution margin is expected to be DKK 9,300 million Operating profit before special items (EBITA) is expected to come to DKK 1,750 million Free cash flow adjusted for the acquisition of enterprises is maintained at DKK 930 million Yours sincerely, DSV DSV A/S, Banemarksvej 58, DK-2605 Brøndby, tel. +45 43203040, fax +45 43203041, CVR No. 58233528, www.dsv.com Global Transport and Logistics DSV is a global supplier of transport and logistics services. DSV has offices in more than 60 countries all over the world. Supplemented by partners and agents, DSV offers services in more than 110 countries, making DSV a truly global player. By our professional and advantageous overall solutions, the 22,400 DSV employees are expected to achieve a worldwide annual revenue of approx. DKK 38 billion for 2009. www.dsv.com

Financial highlights FINANCIAL HIGHLIGHTS 01.04.08-01.04.09- Income statement Revenue 8,953 8,816 17,472 18,267 Contribution margin 1,882 2,262 3,674 4,574 Operating profit before special items (EBITA) 523 446 908 804 Special items, net 1 (215) 437 (324) Operating profit (EBIT) 524 231 1,345 480 Net financial expenses 68 148 155 283 Profit before tax 456 83 1,190 197 DSV A/S shareholders' share of net profit for the period 329 (8) 969 47 Balance sheet Balance sheet total 15,772 22,402 Equity 3,839 5,405 Net working capital 663 149 Net interest-bearing debt 4,563 7,309 Invested capital including goodwill and customer relationships 8,798 12,851 Cash flows Operating activities 469 1,047 Investing activities 717 (269) Free cash flow 1,186 778 Adjusted free cash flow 352 795 Financial ratios (%) Contribution ratio 21.0 25.0 EBITA margin 5.2 4.4 EBIT margin 7.7 2.6 Effective tax rate 18.5 74.1 ROIC including goodwill and customer relationships 20.2 14.9 Return on equity 42.1 6.6 Solvency ratio 24.2 23.9 Share ratios Diluted adjusted earnings per share of DKK 1 for the period 3.0 1.7 Diluted adjusted earnings per share of DKK 1 for the year 6.2 4.5 Adjusted profit 563 342 Earnings per share of DKK 1 8.6 1.5 Net asset value per share of DKK 1 20.9 25.7 Number of shares issued at 30 June ('000) 201,500 209,150 Number of shares at 30 June ('000) 182,872 208,263 Average number of shares ('000) 185,520 199,578 Diluted average number of shares ('000) 190,141 201,936 Share price quoted at 30 June (DKK) 113.50 65.75 Staff Number of employees at 30 June 19,134 22,449 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 2 of 21

Management's review Considering the current market conditions, DSV achieved satisfactory financial results for H1 2009. In this period, the Group focused on three primary fields intended to strengthen its competitiveness: - Cost management by reducing costs and streamlining working procedures and the use of IT - Strengthening of sales efforts at Group level and locally - The integration of ABX LOGISTICS During this period, the contribution ratio of the Company increased considerably relative to the same period last year. This is attributable to the surplus capacity in the transport market and the fact that the Company has been able to shift the pressure of pricing on to its subcontractors. However, as a consequence of the drop in transport volumes, the contribution margin is low when measured in absolute figures. Due to the market conditions, DSV has continued its focus on adapting its cost structure. Accordingly, the number of employees was reduced from approx. 26,000 at 1 October 2008 to approx. 22,400 at 30 June 2009, and Management expects that the total staff reduction will reach between 15% and 20% compared with 1 October 2008. The reduction is attributable to the integration of ABX LOGISTICS and in part also to adaptation of capacity. The Group has opted not to reduce the sales force in connection with the trimming of its workforce, but to add further resources to local and central sales functions. The focus on integrating ABX LOGISTICS remains intense, and DSV still expects that it will achieve the synergies previously announced. The integration process has been completed in most countries, but synergies have not yet been realised in full. They will be realised on an ongoing basis in 2009 and 2010. The integration process has been partly completed in Germany and Spain, whereas in France the major elements of the process have not yet been launched. In the period under review, the Company completed a successful offering of 9.9% newly issued and 3.3% treasury shares. The offering was subscribed 2.2 times and resulted in net proceeds of approx. DKK 1,400 million, which were used to repay interest-bearing debt. ABX LOGISTICS was recognised in the consolidated financial statements of DSV as from 1 October 2008, the date of completion of the acquisition. For 2008, the ABX LOGISTICS activities were recognised under the Air & Sea Division. In connection with the restructuring, the current structure will be revised on an ongoing basis to make the commercial and legal structures coincide as much as possible. Therefore, in 2009 some of the reported Air & Sea activities have already been and will continue to be transferred little by little to being reported as Road and Solutions activities. REVENUE In the first six months of 2009, DSV experienced a negative organic growth of 20.5% compared with the corresponding period of 2008 when adjusted for foreign currency translation adjustments and the acquisition and divestment of enterprises. In the assessment of the Company, DSV has gained market shares in its main markets as the decline in volumes is deemed smaller than that of the market in general. H1 REVENUE REALISED 2009 VERSUS REALISED 2008 DKKm H1 2008 revenue 17,472 Foreign currency translations adjustments (521) Acquisition and divestment of enterprises net 6,016 Growth (4,700) H1 2009 revenue 18,267 CONTRIBUTION MARGIN The consolidated contribution ratio increased to 25.0% relative to 21.0% for the same period of 2008. This increase is attributable to the surplus capacity in the transport market combined with the effect of decreasing freight rates. OPERATING PROFIT BEFORE SPECIAL ITEMS The Group returned an operating profit before special items for H1 2009 of DKK 804 million compared with DKK 908 million for the corresponding period of last year. There was a negative organic growth of 17.9% when adjusted for foreign currency translation adjustments and the acquisition and divestment of enterprises. The EBITA margin was 4.4% for the period compared with 5.2% for the same period of 2008. The reason for the lower EBITA margin was the acquisition of ABX LOGISTICS, whose EBITA margin was generally lower than that of the original DSV companies. Moreover, it had a negative impact on the EBITA margin that the adaptation of the Group's cost structure to the current market situation only takes effect at the same pace as the reduction of overheads. Hence, the EBITA margin of the Company is expected to increase accordingly during the year. H1 OPERATING PROFIT BEFORE SPECIAL ITEMS REALISED 2009 VERSUS REALISED 2008 DKKm H1 2008 operating profit before special items 908 Foreign currency translations adjustments (16) Acquisition and divestment of enterprises net 87 Growth (175) H1 2009 operating profit before special items 804 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 3 of 21

When adjusted for amortisation of customer relationships of DKK 53 million and costs related to share-based payments of DKK 10 million, the Group's operating profit before special items came to DKK 867 million. The corresponding figure for 2008 was DKK 949 million. SPECIAL ITEMS Special items, net, were a charge of DKK 324 million for H1 compared with an income of DKK 437 million for the corresponding period of 2008. The special items arose from restructuring costs due to the adaptation of capacity in connection with the integration of ABX LOGISTICS. Most of the costs are for termination benefit schemes and costs payable under terminated leases. The income recorded in 2008 was a gain on the sale of Tollpost Globe AS. NET FINANCIAL EXPENSES Financial expenses netted DKK 283 million for the period as against DKK 155 million for the same period of 2008. The increase is due to interest on external debt in connection with the financing related to the acquisition of ABX LOGISTICS. PROFIT BEFORE TAX Profit before tax came to DKK 197 million for the first six months of 2009 as against DKK 1,190 million for the corresponding period of 2008. Profit before tax for the period was affected negatively by special items of DKK 324 million as opposed to the same period of 2008 when special items was an income of DKK 437 million. When adjusted for special items, the profit for the first six months of 2009 was reduced by DKK 232 million compared with the corresponding period of 2008. The main reasons were the net financial expenses and lower operating profit before special items. EFFECTIVE TAX RATE The effective tax rate was 74.1% for the period under review. It was considerably affected by loss-making entities in which loss carry-forwards have not been capitalised and entities making losses because of large non-deductible restructuring costs. When adjusted for that, the effective tax rate for the period was 30%. The effective tax rate was 18.5% for H1 2008. When adjusted for the taxable gain on the sale of Tollpost Globe AS, the effective tax rate was 29%. DILUTED ADJUSTED EARNINGS PER SHARE Diluted adjusted earnings per share were DKK 1.7 for the period, which is lower than for the same period last year when the diluted adjusted earnings per share came to DKK 3.0. The calculated diluted adjusted earnings per share are DKK 4.5 for 2009, which is lower than for 2008 when the diluted adjusted earnings per share came to DKK 6.2. BALANCE SHEET The balance sheet stood at DKK 22,402 million at 30 June 2009 as against DKK 23,725 million at 31 December 2008. EQUITY At 30 June 2009, Group equity came to DKK 5,405 million, DKK 50 million of which is attributable to minority interests. At 31 December 2008, Group equity came to DKK 3,857 million, DKK 49 million of which is attributable to minority interests. The main reasons for this development were the net profit for the period, value adjustment of hedging instruments, foreign currency translation adjustments, the capital increase and the sale of treasury shares.. DEVELOPMENT IN EQUITY DKKm Equity at 1 January 3,649 3,857 Net profit for the period 970 51 Purchase and sale of treasury shares, net (581) 357 Dividends (50) - Foreign currency translation adjustments (30) 145 Fair value adjustments of interest rate swaps 46 (66) Purchase/disposal of minority interests (174) (2) Capital increase - 1,054 Other 9 9 Equity at 30 June 3,839 5,405 The solvency ratio exclusive of minority interests came to 23.9%. This is an increase compared with 31 December 2008 when the corresponding ratio was 16.0%. NET WORKING CAPITAL The Group's funds tied up in net working capital came to DKK 149 million at 30 June 2009 compared with DKK 1,074 million at 31 December 2008. Funds tied up in debtors and other receivables as well as assets and liabilities held for sale were reduced considerably relative to 31 December 2008. The reduction is due to a decreasing activity level and initiatives launched to reduce net working capital. The Group's funds tied up in net working capital also saw an improvement relative to 30 June 2008, when DKK 663 million was tied up in net working capital. NET INTEREST-BEARING DEBT Net interest-bearing debt amounted to DKK 7,309 million at 30 June 2009 as against DKK 9,541 million at 31 December 2008. The main reasons for the decrease were debt repayment by the proceeds from the capital increase, a reduction in net working capital and cash flow generated by ordinary operations of the Company. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 4 of 21

CASH FLOWS A summary of all cash flow movements of the Group in H1 2009 is shown below CASH FLOW STATEMENT DKKm Profit before tax 1,190 197 Changes in net working capital (197) 842 Adjustments, non-cash operating items etc. (524) 8 Cash flow from operating activities 469 1,047 Purchase and sale of intangibles, property, plant and equipment (131) (245) Acquisition/divestment of subsidiaries and activities 834 (17) Other 14 (7) Cash flow from investing activities 717 (269) Free cash flow 1,186 778 Proceeds from and repayments of current and noncurrent liabilities (586) (2,372) Transactions with shareholders (632) 1,411 Cash flow from financing activities (1,218) (961) Cash flow for the period (32) (183) Adjusted free cash flow for the period 352 795 CASH FLOW FROM OPERATING ACTIVITIES The cash flow from operating activities came to DKK 1,047 million for the period compared with DKK 469 million for the same period of 2008. The development is primarily attributable to less funds tied up in net working capital. CASH FLOW FROM INVESTING ACTIVITIES The cash flow from investing activities netted an outflow of DKK 269 million. Adjusted for the impact of the acquisition and divestment of enterprises, cash flow from investing activities netted an outflow of DKK 252 million. The Company is in the process of disposing of a number of properties and is making efforts to complete these transactions in the second half of 2009. ADJUSTED FREE CASH FLOW The free cash flow for the period adjusted for the acquisition and divestment of enterprises amounted to DKK 795 million. INVESTED CAPITAL INCLUDING GOODWILL AND CUSTOMER RELATIONSHIPS The Group's invested capital including goodwill and customer relationships came to DKK 12,851 million at 30 June 2009 as against DKK 8,798 million at 30 June 2008. The main reason for this increase was the acquisition of ABX LOGISTICS. ROIC INCLUDING GOODWILL AND CUSTOMER RELATIONSHIPS Return on invested capital including goodwill and customer relationships was 14.9% for 2009 compared with 20.2% for the corresponding period of 2008. The main reason for the reduction was the increase in invested capital following from the acquisition of ABX LOGISTICS. CAPITAL INCREASE The Company carried out a capital increase on 5 May. The capital increase was executed through a offering of 19,000,000 new shares and 6,300,000 existing shares (treasury shares), in total 25,300,000 shares in DSV A/S, using an accelerated book-building process. The net proceeds of approx. DKK 1,400 million inclusive of proceeds from the sale of treasury shares were used to repay interest-bearing debt. ACQUISITION AND DIVESTMENT OF ENTERPRISES IN 2009 On 13 January 2009, JL-Fondet and DSV concluded a conditional agreement on joint ownership of a controlling interest of approx. 56% of the share capital and voting rights in DFDS. As mentioned in stock exchange announcement No. 332 of 12 June 2009, the competition authorities had decided that the transaction could not be approved in phase I despite certain undertakings proposed by the parties, and that it was to be taken into phase II proceedings. In view of the decision of the competition authorities, the parties decided not to go through full phase II proceedings. Accordingly, the parties reached consensus to cancel the agreement on joint ownership. EVENTS AFTER THE BALANCE SHEET DATE OF THE INTERIM FINANCIAL REPORT No material events have occurred after the balance sheet date. OUTLOOK FOR 2009 Due to the ongoing economic and financial crisis with consequential impact on prices and freight volumes, DSV has reduced the forecasts of the Group's full-year revenue, contribution margin and operating profit before special items as well as free cash flow for 2009. DSV was especially affected by the period from late May to the end of June, which were months with large budgets. Revenue Revenue is expected to amount to DKK 38,000 million. Operating profit before special items Operating profit before special items (EBITA) is expected to be DKK 1,750 million. Special items, net Special items are expected to increase to DKK 590 million as the task of staff integration and adjustment is more comprehensive and expensive than anticipated. Financials, net Due to the reduction of the interest-bearing debt, net financials are expected to be reduced to DKK 550 million. Tax on profit for the year The adjusted estimated effective tax rate is maintained at approx. 31%. Net profit for the year The net profit is expected to be DKK 400 million. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 5 of 21

Cash flows Free cash flow adjusted for the acquisition of enterprises is maintained at DKK 930 million. EXCHANGE RATES Year-to-date average Budget Country Currency 2009 Euroland EUR 746 745 746 745 746 Great Britain GBP 941 874 962 834 847 Norway NOK 93 83 94 84 86 Sweden SEK 79 69 80 69 65 USA USD 473 527 487 561 584 DKK for 100 currency units DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 6 of 21

Road Division CONDENSED INCOME STATEMENT FOR THE PERIOD Revenue 10,296 9,319 Direct costs 8,277 7,303 Contribution margin 2,019 2,016 Other external expenses 382 547 Staff costs 1,075 1,096 Operating profit before amortisation, depreciation and special items (EBITDA) 562 373 Amortisation, depreciation and impairment of intangibles, property, plant and equipment, excluding customer relationships 80 49 Amortisation and impairment of customer relationships 6 20 Operating profit before special items (EBITA) 476 304 CONDENSED BALANCE SHEET 31.12.08 Goodwill and customer relationships 2,527 2,822 Other intangibles, property, plant and equipment 2,061 2,258 Other non-current assets 728 495 Total non-current assets 5,316 5,575 Receivables 3,369 3,484 Cash and intercompany balances 2,004 2,598 Total current assets 5,373 6,082 Total assets 10,689 11,657 Equity 2,819 2,575 Interest-bearing long-term debt 170 195 Other non-current liabilities, including provisions 549 892 Non-current liabilities 719 1,087 Interest-bearing short-term debt, including intercompany debt 3,803 4,225 Other short-term debt 3,348 3,770 Total current liabilities 7,151 7,995 Total equity and liabilities 10,689 11,657 ROIC was 14.2%. The calculation of ROIC included DKK 2,660 million relating to goodwill and customer relationships. The item consists of the Division's goodwill, customer relationships and goodwill allocated from DSV. Number of employees: 9,931. ACTIVITIES The Road Division handles the transport of full loads, part loads and mixed cargo all over Europe. The transport services are mainly provided within DSV's own network of 34 Road countries in Europe. The actual transport operations have been outsourced to sub-contractors to a predominant extent. REVENUE The H1 2009 revenue of the Road Division decreased by approx. 9% compared with the same period last year. CONTRIBUTION MARGIN The contribution ratio of the Road Division came to 21.6% for the period as against 19.6% for the same period last year. OPERATING PROFIT BEFORE SPECIAL ITEMS The operating profit before special items achieved by the Road Division was DKK 172 million lower than last year. The decrease is attributable to a reduced activity level and lower selling prices. BALANCE SHEET The balance sheet of the Road Division stood at DKK 11,657 million at 30 June 2009 as against DKK 10,689 million at 31 December 2008. NET WORKING CAPITAL The Road Division's funds tied up in net working capital came to a negative DKK 286 million at 30 June 2009 compared with DKK 21 million at 31 December 2008. Funds tied up in debtors and other receivables were increased, but this was more than offset by the increase in trade payables. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 7 of 21

THE DIVISION IN BRIEF In the second quarter of 2009, DSV Road worked to complete the integration process in several countries and to adapt production costs to the current market volume. The market volume has not decreased since Q1, but has remained stable at a lower level. The Division remains affected by the financial crisis, which has reduced freight volumes and transport rates. The Division has a very efficient and flexible business model making adaptation of costs feasible in slump periods to maintain positive operating results. Particularly Poland, the Netherlands, Denmark, Norway and Great Britain did well in general in the first six months of 2009 despite the difficult market conditions. In Spain, we are beginning to see the results of the last six months' restructuring efforts, which will continue during the remainder of 2009. In Germany, the integration process has commenced and progresses according to plan, but due to contractual obligations towards a national network undertaken by ABX LOGISTICS, which will be terminated successively, full integration will only be completed in 2010. France is the only country of the Division in which the integration process has not yet been launched, the reason being negotiations with trade unions. We expect to commence the integration with ABX LOGISTICS in the second half of 2009. The Division anticipates considerable synergies with a positive impact on the 2010 results in those three large European countries. The Division now has the right structure and its own national companies all over Europe. The Division will continue its aggressive pricing policy to increase the market volume as that is required to produce transport services at competitive prices and to maintain the current volume of the internal DSV network. Moreover, the Division has strong focus on producing transport services in a more efficient manner. A major element of this is to keep focus on improving the integration and streamlining of IT systems and continuing the trimming of costs of the organisation. In view of the current economic situation, Group Management is satisfied with the development in and the results of the Division. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 8 of 21

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS Revenue Contribution margin Contribution ratio Operating profit (loss) before special items (EBITA) EBITA margin Denmark 2,424 1,960 448 381 18.5 19.4 169 144 7.0 7.3 Sweden 2,190 1,535 407 311 18.6 20.3 134 83 6.1 5.4 Norway 591 569 109 105 18.4 18.5 36 34 6.1 6.0 Finland 723 536 83 84 11.5 15.7 10 11 1.4 2.1 Great Britain 1,012 786 208 154 20.6 19.6 67 28 6.6 3.6 Ireland 187 199 34 32 18.2 16.1 6 4 3.2 2.0 Germany 1,147 1,178 163 176 14.2 14.9 (6) (38) -0.5-3.2 Austria 157 132 28 28 17.8 21.2 2-1.3 - The Netherlands 433 352 73 75 16.9 21.3 6 15 1.4 4.3 Belgium 505 370 102 79 20.2 21.4 30 11 5.9 3.0 Switzerland 60-21 - 35.0 - (2) - -3.3 - France 398 674 94 139 23.6 20.6 2 (16) 0.5-2.4 Italy 321 472 58 132 18.1 28.0 4 9 1.2 1.9 Spain 187 291 27 55 14.4 18.9 (25) (12) -13.4-4.1 Portugal 82 115 15 20 18.3 17.4 2 (4) 2.4-3.5 Estonia 186 129 27 25 14.5 19.4 6 5 3.2 3.9 Latvia 140 97 17 13 12.1 13.4 5 2 3.6 2.1 Lithuania 132 93 20 15 15.2 16.1 7 3 5.3 3.2 Russia 23 80 4 22 17.4 27.5 (1) - -4.3 0.0 Poland 233 252 39 50 16.7 19.8 10 22 4.3 8.7 Kaliningrad, Belarus and Ukraine 47 40 10 9 21.3 22.5 2 1 4.3 2.5 Czech Republic 137 109 22 19 16.1 17.4 6 6 4.4 5.5 Central Europe 1 135 110 32 27 23.7 24.5 4 3 3.0 2.7 South Eastern Europe 2 226 212 49 48 21.7 22.6 5 5 2.2 2.4 Total 11,676 10,291 2,090 1,999 17.9 19.4 479 316 4.1 3.1 Group 231 180 31 21 - - 3 (1) - - Amortisation of - - - - - - (6) (9) - - customer relationships Elimination (1,611) (1,152) (102) (4) - - - (2) - - Net 10,296 9,319 2,019 2,016 19.6 21.6 476 304 4.6 3.3 1. Hungary and Slovakia 2. Greece, Bulgaria, Slovenia, Croatia, Serbia, Turkey and Morocco DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 9 of 21

Air & Sea Division CONDENSED INCOME STATEMENT FOR THE PERIOD Revenue 5,140 6,896 Direct costs 4,077 5,090 Contribution margin 1,063 1,806 Other external expenses 231 382 Staff costs 457 924 Operating profit before amortisation, depreciation and special items (EBITDA) 375 500 Amortisation, depreciation and impairment of intangibles, property, plant and equipment, excluding customer relationships 11 59 Amortisation and impairment of customer relationships 5 19 Operating profit before special items (EBITA) 359 422 CONDENSED BALANCE SHEET 31.12.08 Goodwill and customer relationships 4,348 4,575 Other intangibles, property, plant and equipment 1,885 1,695 Other non-current assets 124 44 Total non-current assets 6,357 6,314 Receivables 5,022 3,396 Cash and intercompany balances 1,070 975 Total current assets 6,092 4,371 Total assets 12,449 10,685 Equity 977 1,600 Interest-bearing long-term debt 364 284 Other non-current liabilities, including provisions 951 624 Non-current liabilities 1,315 908 Interest-bearing short-term debt, including intercompany debt 6,121 5,241 Other short-term debt 4,036 2,936 Total current liabilities 10,157 8,177 Total equity and liabilities 12,449 10,685 ROIC was 24.2%. The calculation of ROIC included DKK 4,210 million relating to goodwill and customer relationships. The item consists of the Division's goodwill, customer relationships and goodwill allocated from DSV. Number of employees: 6,618. ACTIVITIES The Division is specialised in global transportation of cargo via air and sea to/from overseas markets. The main concentration of the Division is transportation in between Far East-Europe-Asia and the Americas. The Division is non-asset based. In addition to conventional freight services, the Division has also specialised in heavy-lift and out-of-gauge cargo, also referred to as the 'Project Department'. REVENUE Revenue was affected by the acquisition of ABX LOGISTICS, and the countries with ABX LOGISTICS activities thus returned higher revenue compared with the year before. In particular Italy, Other Far East, China and Hong Kong were affected by the acquisition of ABX LOGISTICS. The USA and the Danish Project Department also developed positively in the period under review. CONTRIBUTION MARGIN The contribution ratio of the Air & Sea Division came to 26.2% for the period as against the 20.7% for the corresponding period of 2008. The contribution ratio increase is attributable to the effect of lower freight rates and lower fuel prices than in the corresponding period of 2008, freight rates and fuel prices having a neutral impact on the contribution margin. OPERATING PROFIT BEFORE SPECIAL ITEMS Operating profit before special items was DKK 63 million higher than for H1 2008. It was affected by the acquisition of ABX LOGISTICS, and the countries with ABX DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 10 of 21

LOGISTICS activities thus in general returned higher operating profit compared with the year before. Italy in particular saw a fine development, which means that the challenges experienced in this region in previous periods seem to have been solved now. Hong Kong, China and Canada too did well in this sixmonth period and were also affected positively by the acquisition of ABX LOGISTICS. Moreover, the Danish project activities developed positively in the period under review, although that was more than offset by the development in the other activities in Denmark. Spain and Germany must improve their EBITA margins to that of the average level of the Division. BALANCE SHEET The balance sheet of the Air & Sea Division stood at DKK 10,685 million at 30 June 2009 as against DKK 12,449 million at 31 December 2008. The decline is mainly due to a reduction of receivables. NET WORKING CAPITAL The Air & Sea Division's funds tied up in net working capital came to DKK 460 million at 30 June 2009 compared with DKK 986 million at 31 December 2008. Funds tied up in debtors and other receivables were reduced due to a lower activity level and improved working capital management. The overall expectations in the market are that rate increases from the carriers will start to surface during the third and fourth quarters. Whether or not this will become a reality is very much depending on the effect of the reduction in carrier capacity combined with the expected increase in freight volume. The integration of the ABX LOGISTICS staff and overall synergies in relation to the ABX LOGISTICS acquisition has materialised at a much faster pace than originally expected, and we expect that the estimated staff synergies will be reached in the last six months of 2009. The Division is still very much focused on sales and also on maintaining the existing customer base. The future base for success will be through additional sales equal to larger volumes. The contribution margin, which is considered the best performance indicator by the Division Management, is affected by the declining revenue despite an increasing contribution ratio. Considering the global economy, the situation is far from dramatic. The EBITA result of the organisation is still at a very acceptable level considering the global economy, also compared with the results of the main competitors. The Air & Sea Management is pleased with the results for the six-month period ended 30 June 2009, but obviously looks forward to the turn around of the global economy. THE DIVISION IN BRIEF The trend from the first quarter with declining freight rates within both air and sea transportation continued into the second quarter and is highly visible in the H1 revenue. We saw a slight increase in shipment count in the second quarter, which is crucial to the measurement of our global development in general. However, the positive development did not reach the level of our own expectations after the first quarter. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 11 of 21

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS Revenue Contribution margin Contribution ratio Operating profit (loss) before special items (EBITA) EBITA margin USA 933 972 195 236 20.9 24.3 105 96 11.3 9.9 Denmark 1,334 933 230 187 17.2 20.0 90 53 6.7 5.7 Norway 177 118 41 33 23.2 28.0 18 13 10.2 11.0 Sweden 214 144 35 29 16.4 20.1 9 7 4.2 4.9 Finland 131 85 19 23 14.5 27.1 5 10 3.8 11.8 Great Britain 561 346 92 77 16.4 22.3 23 17 4.1 4.9 Ireland and Northern Ireland 110 89 21 18 19.1 20.2 6 7 5.5 7.9 Germany 495 795 80 174 16.2 21.9 14 15 2.8 1.9 The Netherlands 279 171 43 42 15.4 24.6 6 9 2.2 5.3 Belgium - 77-31 - 40.3 - - - - France 227 251 42 70 18.5 27.9 4 9 1.8 3.6 Italy 137 1,589 26 334 19.0 21.0 (3) 88-2.2 5.5 Spain 60 343 10 82 16.7 23.9 (5) (7) -8.3-2.0 Turkey 63 109 9 12 14.3 11.0 1 1 1.6 0.9 Central Europe 1 116 341 20 92 17.2 27.0 4 6 3.4 1.8 Canada 57 78 14 23 24.6 29.5 3 12 5.3 15.4 China 315 367 57 84 18.1 22.9 31 34 9.8 9.3 Hong Kong 187 230 33 60 17.6 26.1 20 34 10.7 14.8 Australia 153 162 27 37 17.6 22.8 8 8 5.2 4.9 Other Far East 2 375 583 69 126 18.4 21.6 23 39 6.1 6.7 Central and South America 3-81 - 17-21.0 - (1) - -1.2 Total 5,924 7,864 1,063 1,787 17.9 22.7 362 450 6.1 5.7 Group 10 26 14 36 - - 2 (1) - - Amortisation of - - - - - - (5) (26) - - customer relationships Elimination (794) (994) (14) (17) - - - (1) - - Net 5,140 6,896 1,063 1,806 20.7 26.2 359 422 7.0 6.1 1. Poland, Hungary, Czech Republic, Austria, Switzerland, Belarus, Ukraine, Bulgaria and Nigeria 2. Indonesia, Thailand, Singapore, Malaysia, the Philippines, Korea, Taiwan, Vietnam, India, Bangladesh, United Arab Emirates, Japan and New Zealand 3. Mexico, Argentina, Venezuela and Chile DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 12 of 21

Solutions Division CONDENSED INCOME STATEMENT FOR THE PERIOD Revenue 2,628 2,889 Direct costs 2,040 2,088 Contribution margin 588 801 Other external expenses 184 269 Staff costs 245 329 Operating profit before amortisation, depreciation and special items (EBITDA) 159 203 Amortisation, depreciation and impairment of intangibles, property, plant and equipment, excluding customer relationships 46 72 Amortisation and impairment of customer relationships 17 25 Operating profit before special items (EBITA) 96 106 CONDENSED BALANCE SHEET 31.12.08 Goodwill and customer relationships 860 921 Other intangibles, property, plant and equipment 1,176 1,236 Other non-current assets 107 72 Total non-current assets 2,143 2,229 Receivables 966 1,099 Cash and intercompany balances 582 681 Total current assets 1,548 1,780 Total assets 3,691 4,009 Equity 390 405 Interest-bearing long-term debt 449 1,040 Other non-current liabilities, including provisions 221 210 Non-current liabilities 670 1,250 Interest-bearing short-term debt, including intercompany debt 1,780 1,572 Other short-term debt 851 782 Total current liabilities 2,631 2,354 Total equity and liabilities 3,691 4,009 ROIC was 5.8%. The calculation of ROIC included DKK 1,424 million relating to goodwill and customer relationships. The item consists of the Division's goodwill, customer relationships and goodwill allocated from DSV. Number of employees: 5,901. ACTIVITIES The main activity of the Solutions Division is comprehensive logistics solutions, including outsourcing of stocks, distribution and a number of services related to customers' supply chain. These services are mainly aimed at large industrial companies within branded products and brands. The business areas of the Division also include distribution and cross-docking. REVENUE Division revenue for the period rose by approx. 10% compared with the same period last year. The main reason for this increase was the acquisition of ABX LOGISTICS. CONTRIBUTION MARGIN The contribution ratio of the Solutions Division came to 27.7% for the period as against 22.4% for the same period last year. OPERATING PROFIT BEFORE SPECIAL ITEMS Operating profit before special items came to DKK 106 million for the first half of 2009, which is at last year's level. Particularly the Nordic countries and the Netherlands did well in this period, whereas Belgium in particular continued to be affected by the challenges caused by the automotive industry. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 13 of 21

BALANCE SHEET The balance sheet of the Solutions Division stood at DKK 4,009 million at 30 June 2009 as against DKK 3,691 million at 31 December 2008. This increase is mainly due to increased goodwill originating from activities acquired from the Road Division, but also to an increase in receivables. NET WORKING CAPITAL The Solutions Division's funds tied up in net working capital came to DKK 317 million at 30 June 2009 compared with DKK 115 million at 31 December 2008. The increase was caused by more funds tied up in debtors and by the settlement of liabilities relating to trade payables. THE DIVISION IN BRIEF The Division is less affected by the international economic slowdown than the other divisions. Due to seasonality, minor fluctuations in Division revenue were obviously encountered at country level, and the Eastern European countries recorded large fluctuations due to fluctuations of local currencies. Thanks to cost-reduction programmes, contribution margins and EBITA improved in most countries. Headcount went further down; and purchase and lean logistics programmes were implemented throughout the Division. A few industrial sectors saw a slight volume increase. Import flows still lag behind expectations, which will affect Division revenue in Q3 too. Group Management is satisfied with the development in and results of the Division. In general, the Division generated good results in the period under review, and Group Management expects the positive development to continue in the coming period. DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 14 of 21

REVENUE AND OPERATING PROFIT BEFORE SPECIAL ITEMS BY MARKETS Revenue Contribution margin Contribution ratio Operating profit (loss) before special items (EBITA) EBITA margin Denmark 213 174 42 43 19.7 24.7 10 8 4.7 4.6 Sweden 185 153 32 34 17.3 22.2 6 9 3.2 5.9 Other Nordic countries 1 153 137 30 35 19.6 25.5 9 13 5.9 9.5 Great Britain 150 129 40 44 26.7 34.1 2 5 1.3 3.9 Ireland 83 98 19 29 22.9 29.6 2 3 2.4 3.1 Benelux 855 866 252 270 29.5 31.2 81 47 9.5 5.4 Other Europe 2 1,045 1,413 168 342 16.1 24.2 4 30 0.4 2.1 Total 2,684 2,970 583 797 21.7 26.8 114 115 4.2 3.9 Group 7 21 5 20 - - (1) 8 - - Amortisation of customer relationships - - - - - - (17) (17) - - Elimination (63) (102) - (16) - - - - - - Net 2,628 2,889 588 801 22.4 27.7 96 106 3.7 3.7 1. Norway and Finland 2. France, Italy, Poland, Romania, Russia, Spain and Germany DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 15 of 21

Shareholder information REMUNERATION FOR THE EXECUTIVE BOARD The aggregate remuneration for the Executive Board members charged to the income statement for the first half of 2009 was DKK 6.6 million. INCENTIVE PROGRAMME The market value of the Group's incentive programme at 30 June 2009 amounted to DKK 91.1 million, DKK 12.3 million of which constituted the aggregate proportion held by members of the Supervisory and Executive Boards. The market value is calculated according to the Black & Scholes model. LATEST IMPORTANT STOCK EXCHANGE ANNOUNCEMENTS 29 April 2009 (announcement No. 325) DSV A/S to offer up to 25,300,000 shares in a private placement at market price 29 April 2009 (announcement No. 326) Closing of the offering 30 April 2009 (announcement No. 327) Completion of the offering 30 April 2009 (announcement No. 328) Minutes of DSV's Annual General Meeting 12 June 2009 (announcement No. 332): EU merger control proceedings related to the acquisition by DSV A/S of shares in Vesterhavet-DSV Holding A/S enter phase II 16 June 2009 (announcement No. 333) Agreement on joint ownership of DFDS A/S cancelled INVESTOR TELECONFERENCE DSV invites investors, shareholders, analysts and others to participate in an investor teleconference on 31 July 2009 at 1:30 p.m. At the conference, which will take place in English, DSV will present its Interim Financial Report for the period ended 30 June 2009. Participants will have the opportunity to ask questions. The presentation has been uploaded to the DSV website. Participants from DSV will be: Jens Bjørn Andersen, CEO, and Jens H. Lund, CFO. The telephone numbers for the teleconference are +45 32 71 47 67 for Danish participants. Foreign participants can attend the conference on either +44 (0) 208 817 9301 or +1 718 354 1226. Participants will have the opportunity to ask questions. No prior registration is required to attend the teleconference. WEB-BASED INVESTOR TELECONFERENCE The teleconference can be viewed and heard directly on the DSV website (http://www.dsv.com) or on the website of NASDAQ OMX Copenhagen (http://omxgroup.com/nordicexchange/). Questions can only be asked by telephone. Please note that Microsoft Media Player is required to view the teleconference. The software can be downloaded free of charge from both websites. It will be possible to test the connection at the above websites in the hours before the teleconference. INQUIRIES RELATING TO THE INTERIM FINANCIAL REPORT Questions may be addressed to: Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40, or Jens H. Lund, CFO, tel. +45 43 20 30 40. This announcement is available on the Internet at: www.dsv.com. The announcement has been prepared in Danish and in English. In the event of discrepancies, the Danish version shall apply. ACCOUNTING POLICIES, ETC. The Interim Financial Report has been prepared according to IAS 34. The accounting policies remain unchanged compared with the 2008 Annual Report. STATEMENT BY THE EXECUTIVE AND SUPERVISORY BOARDS The Supervisory Board and the Executive Board have today considered and adopted the Interim Financial Report of DSV A/S for the period ended 30 June 2009. The Interim Financial Report has been prepared in accordance with IAS 34 'Interim Financial Reporting' as approved by the European Union and additional Danish disclosure requirements for interim financial reports of listed companies. In our opinion, the Interim Financial Report gives a true and fair view of the Group's assets, equity, liabilities and financial position at 30 June 2009 and of the results of the Group's activities and the cash flow for the six-month period ended 30 June 2009. We also find that Management's review provides a fair statement of developments in the activities and financial situation of the Group, financial results for the period, the general financial position of the Group and a description of the major risks and elements of uncertainty faced by the Group. Brøndby, 31 July 2009 EXECUTIVE BOARD Jens Bjørn Andersen Jens H. Lund CEO CFO SUPERVISORY BOARD Kurt K. Larsen Chairman Kaj Christiansen Annette Sadolin Erik B. Pedersen Deputy Chairman Per Skov DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 16 of 21

Interim Financial Statements INCOME STATEMENT Revenue 17,472 18,267 Direct costs 13,798 13,693 Contribution margin 3,674 4,574 Other external expenses 734 1,057 Staff costs 1,845 2,450 Operating profit before amortisation, depreciation and special items (EBITDA) 1,095 1,067 Amortisation, depreciation and impairment of intangibles, property, plant and equipment 187 263 Operating profit before special items (EBITA) 908 804 Special items, net 437 (324) Operating profit (EBIT) 1,345 480 Share of associates' net profit after tax (2) - Financial income 40 74 Financial expenses (193) (357) Profit before tax 1,190 197 Tax on profit for the period 220 146 Profit for the period 970 51 Net profit for the period is attributable to: Shareholders of DSV A/S 969 47 Minority interests 1 4 Earnings per share: Earnings per share of DKK 1 (DKK) 8.6 1.5 Diluted earnings per share of DKK 1 (DKK) 6.2 4.5 STATEMENT OF RECOGNISED INCOME AND EXPENSE Foreign currency translation adjustments, foreign enterprises (30) 145 Value adjustments of hedging instruments for the period 72 53 Value adjustment of hedging instruments transferred to financial expenses (10) (138) Actuarial adjustments - - Other adjustments - - Tax on changes in equity (16) 19 Net expense recognised directly in equity 16 79 Profit for the period 970 51 Total statement of recognised income and expense 986 130 Statement of recognised income and expense is attributable to: Shareholders of DSV A/S 985 127 Minority interests 1 3 Total 986 130 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 17 of 21

BALANCE SHEET, ASSETS Non-current assets Intangibles Property, plant and equipment Investments in associates Other securities and receivables Deferred tax asset Total non-current assets 31.12.08 4,863 8,436 8,505 3,322 5,093 5,152 6 7 9 107 149 132 325 257 481 8,623 13,942 14,279 Current assets Assets held for sale 92 82 72 Operating current assets Trade and other receivables Cash Total operating current assets Total current assets Total assets 6,693 9,185 7,671 364 516 380 7,057 9,701 8,051 7,149 9,783 8,123 15,772 23,725 22,402 BALANCE SHEET, EQUITY AND LIABILITIES 31.12.08 Equity Share capital 202 190 209 Reserves 3,620 3,618 5,146 DSV A/S shareholders' share of equity 3,822 3,808 5,355 Minority interests 17 49 50 Total equity 3,839 3,857 5,405 Liabilities Non-current liabilities Deferred tax 309 429 528 Pensions and similar obligations 412 810 791 Provisions 163 379 395 Financial liabilities 4,425 7,084 7,061 Total non-current liabilities 5,309 8,702 8,775 Current liabilities Liabilities relating to assets held for sale - 35 - Other current liabilities Provisions 109 288 324 Financial liabilities 502 2,973 628 Trade and other payables 5,872 7,802 7,208 Corporation tax 141 68 62 Total other current liabilities 6,624 11,131 8,222 Total current liabilities 6,624 11,166 8,222 Total liabilities 11,933 19,868 16,997 Total equity and liabilities 15,772 23,725 22,402 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 18 of 21

CASH FLOW STATEMENT Profit before tax 1,190 197 Adjustment, non-cash operating items etc. Amortisation, depreciation and impairment losses 186 263 Share-based payments 11 10 Special items (437) (15) Changes in provisions (56) (47) Share of profit of associates 2 - Financial income (40) (74) Financial expenses 193 357 Cash flow from operating activities before changes in net working capital and tax 1,049 691 Changes in net working capital (197) 842 Financial income, paid 40 74 Financial expenses, paid (195) (373) Cash flow from operating activities before tax 697 1,234 Corporation tax, paid (228) (187) Cash flow from operating activities 469 1,047 Acquisition of intangibles (86) (70) Sale of intangibles 1 1 Acquisition of property, plant and equipment (443) (266) Sale of property, plant and equipment 397 90 Divestment of subsidiaries and activities 962 (12) Acquisition of subsidiaries and activities (128) (5) Change in other financial assets 14 (7) Cash flow from investing activities 717 (269) Free cash flow 1,186 778 Proceeds from non-current liabilities incurred and repayments of loans and credits, net (551) (2,322) Other financial liabilities incurred (35) (50) Shareholders: Dividends distributed (50) - Purchase and sale of treasury shares (581) 357 Other transactions with shareholders (1) 1,054 Cash flow from financing activities (1,218) (961) Cash flow for the period (32) (183) Foreign currency translation adjustments 13 47 Cash at 1 January 383 516 Cash at 30 June 364 380 The cash flow statement cannot be directly derived from the balance sheet and income statement. Specification 1: Statement of adjusted free cash flow Free cash flow 1,186 778 Net acquisition of subsidiaries and activities (834) 17 Adjusted free cash flow 352 795 Specification 2: Statement of enterprise value of acquirees Net acquisition of subsidiaries and activities (834) 17 Interest-bearing debt 3 - Enterprise value of acquirees (831) 17 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 19 of 21

STATEMENT OF CHANGES IN EQUITY Share capital Hedging reserve Foreign currency translation reserve Retained earnings Proposed dividends DSV A/S shareholders' share of equity Minority interests Total equity Equity at 1 January 2008 202 29 (77) 3,253 50 3,457 192 3,649 Recognised income and expense for the period - 46 (30) 969-985 1 986 Share-based payments - - - 11-11 - 11 Dividends distributed - - - - (50) (50) (2) (52) Purchase and sale of treasury shares, net - - - (581) - (581) - (581) Purchase/disposal of minority interests - - - - - - (174) (174) Total changes in equity in 2008-46 (30) 399 (50) 365 (175) 190 Equity at 30 June 2008 202 75 (107) 3,652-3,822 17 3,839 STATEMENT OF CHANGES IN EQUITY Share capital Hedging reserve Foreign currency translation reserve Retained earnings Proposed dividends DSV A/S shareholders' share of equity Minority interests Total equity Equity at 1 January 2009 190 (160) (117) 3,895-3,808 49 3,857 Recognised income and expense for the period - (66) 145 48-127 3 130 Share-based payments - - - 10-10 - 10 Dividends distributed - - - - - - (1) (1) Purchase and sale of treasury shares, net - - - 357-357 - 357 Capital increase 19 - - 1,035-1,054-1,054 Purchase/disposal of minority interests - - - - - - (2) (2) Total changes in equity in 2009 19 (66) 145 1,450-1,548-1,548 Equity at 30 June 2009 209 (226) 28 5,345-5,356 49 5,405 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 20 of 21

SEGMENT INFORMATION 2008 Activities primary segment Condensed income statement Road Division Air & Sea Division Solutions Division Parent Non-allocated items and elimination Revenue 10,296 5,140 2,628 165-18,229 Intercompany sales (403) (116) (73) (165) - (757) Revenue 9,893 5,024 2,555 - - 17,472 Total Operating profit (loss) before special items 476 359 96 (23) - 908 (EBITA) Special items, net - - - - 437 437 Financials, net - - - - (155) (155) Profit (loss) before tax (EBT) 476 359 96 (23) 282 1,190 Total assets 12,223 3,005 3,860 7,805 (11,121) 15,772 SEGMENT INFORMATION 2009 Activities primary segment Condensed income statement Road Division Air & Sea Division Solutions Division Parent Non-allocated items and elimination Revenue 9,319 6,896 2,889 212-19,316 Intercompany sales (454) (251) (132) (212) - (1,049) Revenue 8,865 6,645 2,757 - - 18,267 Total Operating profit (loss) before special items (EBITA) 304 422 106 (28) - 804 Special items, net - - - - (324) (324) Financials, net - - - - (283) (282) Profit (loss) before tax (EBT) 304 422 106 (28) 607 197 Total assets 11,657 10,685 4,009 15,505 (19,454) 22,402 DSV STOCK EXCHANGE ANNOUNCEMENT NO. 335 31 JULY 2009 Page 21 of 21